Dow dropped 17, advancers ahead of decliners 4-3 & NAZ was up 14. Bank stocks reversed early losses, bringing the Financial Index into the black.
The MLP index rose 2+ to the 247s & the REIT index fell 1 to the 208s. Junk bond funds were mixed after a weak performance in recent months & Treasuries sold off which would have appeared in yesterday's data if their markets were open. Oil fell from its highest level in more than 2 weeks after the ECB said the region’s debt crisis threatens the financial system. Gold also fell following recent strength in the 1600s.
Get the latest market update below:
Photo: Yahoo
Obama's jobs bill is facing a critical test in the Senate & appears likely to die at the hands of Reps opposed to stimulus spending & a tax surcharge on millionaires. Key elements of the jobs package reprise parts of the $800B 2009 stimulus measure & a Social Security payroll tax cut enacted last year. Unlike the controversial deficit-financed stimulus bill, the jobs measure would be paid for by a 5.6% surcharge on income exceeding $1M that could raise more than $450B over a decade. In making the case for the bill, economists predict that the measure would add 2 percentage points of growth to the economy, add 1.9M payroll jobs & reduce unemployment by a percentage point. But Reps point to optimistic predictions about the 2009 measure that didn't come to pass & unemployment hovers just above 9%. They say the 2009 stimulus measure was an expensive failure & the current plan is just like it.
Senate Republicans Likely to Kill Obama Jobs Bill- AP
Greece today
Photo: Yahoo
Greece is likely to receive the next batch of its bailout loans in early Nov, intl debt inspectors said, if the eurozone & IMF approve the conclusions of the financial review. The inspectors, however, said Greece's deficit targets for 2011 were "no longer within reach," & that while new austerity measures for 2012 were adequate, more was needed for the years 2013-14. The report by the officials from the IMF, European Commission & ECB, collectively known as the troika, potentially averts a bankruptcy looming over Greece. But their call for new measures reinforces the view that Europe's strategy in getting Athens out of its debt hole is not working as hoped & that an alternative approach is needed. Slovakia is due to vote today on the euro area’s retooled bailout fund. It is the only country in the 17-nation euro area that hasn’t ratified the measures, following approval in Malta yesterday. If Slovakia does not ratify EFSF enhancements then it is feasible that the whole deal will collapse. This Greek drama will drone on as it has for months.
Greek $11 Billion Loan Payment Likely in Early November as Debt Talks Loom
Markets are marking time while digesting the huge gains yesterday. An important vote is needed for final approval of the 2nd round of bailout money for Greece & stock markets are holding their breaths. Earnings season begins tonight with Alcoa (AA). Then comes the big banks & estimates are being revised lower. Of course, bank stocks have been in the dumps for months as shown in the chart above. Perhaps dismal numbers are already baked into the markets.
S&P 500 Financials Sector Index
| Value | 167.93 | |
| Change | 0.67 (0.4%) |
The MLP index rose 2+ to the 247s & the REIT index fell 1 to the 208s. Junk bond funds were mixed after a weak performance in recent months & Treasuries sold off which would have appeared in yesterday's data if their markets were open. Oil fell from its highest level in more than 2 weeks after the ECB said the region’s debt crisis threatens the financial system. Gold also fell following recent strength in the 1600s.
ALERIAN MLP Index (^AMZ)
DJ REIT INDEXDJR (^DJR)
Treasury yields:
U.S. 3-month | 0.005% | |
U.S. 2-year | 0.304% | |
U.S. 10-year | 2.173% |
| CLX11.NYM | ...Crude Oil Nov 11 | ...84.95 | ... 0.46 | (0.4%) |
| GCV11.CMX | ...Gold Oct 11 | ......1,662.90 | ... 6.70 | (0.4%) |
Get the latest market update below:
Photo: Yahoo
Obama's jobs bill is facing a critical test in the Senate & appears likely to die at the hands of Reps opposed to stimulus spending & a tax surcharge on millionaires. Key elements of the jobs package reprise parts of the $800B 2009 stimulus measure & a Social Security payroll tax cut enacted last year. Unlike the controversial deficit-financed stimulus bill, the jobs measure would be paid for by a 5.6% surcharge on income exceeding $1M that could raise more than $450B over a decade. In making the case for the bill, economists predict that the measure would add 2 percentage points of growth to the economy, add 1.9M payroll jobs & reduce unemployment by a percentage point. But Reps point to optimistic predictions about the 2009 measure that didn't come to pass & unemployment hovers just above 9%. They say the 2009 stimulus measure was an expensive failure & the current plan is just like it.
Senate Republicans Likely to Kill Obama Jobs Bill- AP
Greece today
Photo: Yahoo
Greece is likely to receive the next batch of its bailout loans in early Nov, intl debt inspectors said, if the eurozone & IMF approve the conclusions of the financial review. The inspectors, however, said Greece's deficit targets for 2011 were "no longer within reach," & that while new austerity measures for 2012 were adequate, more was needed for the years 2013-14. The report by the officials from the IMF, European Commission & ECB, collectively known as the troika, potentially averts a bankruptcy looming over Greece. But their call for new measures reinforces the view that Europe's strategy in getting Athens out of its debt hole is not working as hoped & that an alternative approach is needed. Slovakia is due to vote today on the euro area’s retooled bailout fund. It is the only country in the 17-nation euro area that hasn’t ratified the measures, following approval in Malta yesterday. If Slovakia does not ratify EFSF enhancements then it is feasible that the whole deal will collapse. This Greek drama will drone on as it has for months.
Greek $11 Billion Loan Payment Likely in Early November as Debt Talks Loom
Markets are marking time while digesting the huge gains yesterday. An important vote is needed for final approval of the 2nd round of bailout money for Greece & stock markets are holding their breaths. Earnings season begins tonight with Alcoa (AA). Then comes the big banks & estimates are being revised lower. Of course, bank stocks have been in the dumps for months as shown in the chart above. Perhaps dismal numbers are already baked into the markets.
Dow Industrials (INDU)
Find out what's inside Trend TV
Get your favorite symbols' Trend Analysis TODAY!
No comments:
Post a Comment